1. TASK: Insert the appropriate word in the text below:
Continuously – debited – increased
Receivable – reduced – result - sold
Perpetual inventory system. Under this system the Inventory account is ___________ updated. The Inventory account is ___________ with the cost of merchandise purchased from suppliers and it is ___________ by the cost of merchandise that has been sold to customers.
Under the perpetual system there is a Cost of Goods Sold account that is ___________ at the time of each sale for the cost of the merchandise that was sold. Under the perpetual system a sale of merchandise will ___________ in two journal entries: one to record the sale and the cash or accounts ___________, and one to reduce inventory and to increase cost of goods ___________.
2. CHECK YOUR SPEAKING
|
continuously |
[ kənˈtɪn.ju.əs ] |
безперервно |
|
debited |
[ ˈdeb.ɪt ] |
списаний |
|
increased |
[ ɪnˈkriːs ] |
виріс |
|
receivable |
[ rɪˈsiːvəbl ] |
дебіторська заборгованість |
|
reduced |
[ rɪˈdjuːs ] |
скорочений; зменшений |
|
result |
[ rɪˈzʌlt ] |
результат |
|
sold |
[ səʊld ] |
проданий |
3. SEE CORRECT ANSWER
Perpetual inventory system. Under this system the Inventory account is continuously updated. The Inventory account is increased with the cost of merchandise purchased from suppliers and it is reduced by the cost of merchandise that has been sold to customers.
Under the perpetual system there is a Cost of Goods Sold account that is debited at the time of each sale for the cost of the merchandise that was sold. Under the perpetual system a sale of merchandise will result in two journal entries: one to record the sale and the cash or accounts receivable, and one to reduce inventory and to increase cost of goods sold.
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